Citigroup INC 424B2 Filing

Key Financial Figures

• $1,000 — XEF”) Stated principal amount: $1,000 per security Strike date: April 10,
• $1,000.00 — Proceeds to issuer (3) Per security: $1,000.00 $15.00 $985.00 Total: $ $ $ (1
• $15.00 — issuer (3) Per security: $1,000.00 $15.00 $985.00 Total: $ $ $ (1) Citigr
• $985.00 — (3) Per security: $1,000.00 $15.00 $985.00 Total: $ $ $ (1) Citigroup Globa
• $925.50 — es on the pricing date will be at least $925.50 per security, which will be less than t
• $1.00 — electronic platform providers a fee of $1.00 for each security sold in this offering
• $175.00 — $1,000 + applicable premium = $1,000 + $175.00 = $1,175.00 If, on the valuation date
• $1,175.00 — applicable premium = $1,000 + $175.00 = $1,175.00 If, on the valuation date prior to th
• $2,250.00 — ties at Maturity (1) 200.00 100.00% $2,250.00 125.000% 190.00 90.00% $2,125.00
• $2,125.00 — $2,250.00 125.000% 190.00 90.00% $2,125.00 112.500% 180.00 80.00% $2,000.00
• $2,000.00 — $2,125.00 112.500% 180.00 80.00% $2,000.00 100.000% 170.00 70.00% $1,875.00
• $1,875.00 — $2,000.00 100.000% 170.00 70.00% $1,875.00 87.500% 160.00 60.00% $1,750.00 7
• $1,750.00 — % $1,875.00 87.500% 160.00 60.00% $1,750.00 75.000% 150.00 50.00% $1,625.00 6
• $1,625.00 — % $1,750.00 75.000% 150.00 50.00% $1,625.00 62.500% 140.00 40.00% $1,500.00 5
• $1,500.00 — % $1,625.00 62.500% 140.00 40.00% $1,500.00 50.000% 130.00 30.00% $1,375.00 3

Filing Documents

• dp244957_424b2-us26e3731d.htm (424B2) — 121KB
• image_001.jpg (GRAPHIC) — 23KB
• image_002.jpg (GRAPHIC) — 24KB
• 0000950103-26-005411.txt ( ) — 188KB

From the Filing

PRICING SUPPLEMENT The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any 2026 Citigroup Global Markets Holdings Inc. April , 2026 Medium-Term Senior Notes, Series N Pricing Supplement No. 2026-USNCH[ ] Filed Pursuant to Rule 424(b)(2) Registration Statement Nos. 333-293732 and 333-293732-02 Autocallable Buffered Notes Based on the MSCI Emerging Markets Index Due April , 2028 ▪ The securities offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest, do not guarantee the repayment of principal at maturity and are subject to potential automatic early redemption on the terms described below. Your return on the securities will depend on the performance of the MSCI Emerging Markets Index (the “underlying”) from the initial underlying value to the final underlying value. ▪ The securities offer the potential for automatic early redemption at a premium if the closing value of the underlying on the valuation date prior to the final valuation date is greater than or equal to the initial underlying value. If the securities are not automatically redeemed prior to maturity, then the securities will no longer offer the opportunity to receive a premium but instead, at maturity, will offer (i) the opportunity to participate in any appreciation of the underlying at the upside participation rate specified below, (ii) contingent repayment of the stated principal amount at maturity if the underlying depreciates, but only so long as the final underlying value is greater than or equal to the final buffer value specified below, and (iii) a limited buffer against any depreciation of the underlying as described below. In exchange for these features, investors in the securities must be willing to accept downside exposure to any depreciation of the underlying in excess of the buffer percentage specified below on the final valuation date. If the securities are not automatically redeemed prior to maturity and the underlying depreciates by more than the buffer percentage from the initial underlying value to the final underlying value, you will lose more than 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. Accordingly, the lower the final underlying value, the less benefit you will receive from the buffer percentage. You may lose your entire investment in the securities. ▪ Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any amount due under the securities if we and Citigroup Inc. default on our obligations. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. KEY TERMS Issuer: Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. Guarantee: All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. Underlying: The MSCI Emerging Markets Index (ticker symbol: “MXEF”) $1,000 per security Strike date: April 10, 2026 Pricing date: April , 2026 (expected to be April 14, 2026) Issue date: April , 2026 (expected to be April 17, 2026) Valuation dates: Expected to be April 26, 2027 and April 18, 2028 (the “final valuation date”), each subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur Maturity date: Unless earlier redeemed, April , 2028 (expected to be April 21, 2028), subject to postponement as described under “Additional Information” below. Automatic early redemption: If, on the valuation date prior to the final valuation date, the closing value of the underlying is greater than or equal to the initial underlying value, the securities will be automatically redeemed on the third business day immediately following that valuation date for an amount in cash per security equal to $1,000 plus the premium. If the securities are automatically redeemed following the valuation date prior to the final valuation date, they will cease to be outstanding and you will no longer have the opportunity to participate in any appreciation of the underlying at the upside participation rate. Premium: The premium applicable to the valuation date prior to the final valuation date will be determined on the pricing date and will be at leas

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